Raisio Sells UK Snacks Bar Business to Dutch Food Investors Nimbus

13 Jul 2016 --- Raisio has sold its UK snack bar business to Dutch investors Nimbus, as the divestment of the Finnish food company’s UK operations continues.

Raisio acquired Halo Foods, which employs around 300 people, in 2010. All employees will be transferred to Nimbus, which has made number of acquisitions in the food sector in Europe.

No financial details of the deal were disclosed.

Matti Rihko, Raisio chief executive, said: “For Raisio, it is important to expand the range of its branded products in line with consumer needs, not to produce itself all the products in the range.”

Raisio said it will record a loss of approximately €19m ($21m) relating to the sale of Halo Foods, which has factories in the towns of Newport and Swindon and reported sales of around €18m ($20m) in the half year.

It also said it will be hit with a €1m ($1.1m) charge ins restructuring costs.

The move by Raisio is its latest in reshaping its operations in the UK.

In April this year, it struck a licensing deal with UK food manufacturer Brecks Company to market and sell its Honey Monsters cereal brand.

Raisio is best known for owning the rights to the cholesterol-lowering Benecol.